giveth back. At least I hope so. As I sort through Oracle's quarter -- which looks like a good one -- I feel the confidence that was lost today might be returned. Oracle, after all, had business-to-business overtones and remains a solid bellwether of the tech world.
Join the discussion on
Still, today was a sobering reminder of how much you can
in the right stocks. I am long some
, detailed on our message boards. One moment we were doing just fine, thank you, and the next we were down 15 points. Fifteen points up has become commonplace, but 15 points down? Now there's a problem. Ouch.
It was like that with most of the highfliers. We had started a position in
and were feeling pretty frisky up 8 when the Red Queen of Losses started offing everybody's head. But we were back to even by 3 p.m., and you know that back to even in this tape is a prelude to being down a quick 5. Which we soon were.
What did we do?
Nothing. We have to leave room if it's ugly tomorrow. And if it's good tomorrow, we will have some ammo anyway.
For us, it was pretty much a sit-on-your-hands day until the selling became so extreme (
down 9, for instance) that we budged and bought. Small amounts. There are no heroes in December -- except on the gridiron.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long CMGI, Oracle, Texas Instruments and Tibco Software. Cramer's fund also may be long or short certain stocks in his B2B rotisserie league or Red Hot index. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at